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$600 billion
Includes $350 billion from health care entitlement programs and $250 billion from other spending, such as farm subsidies
$1.35 trillion
in cuts over 10 years
Includes $600 billion from health care, $300 billion from discretionary spending, an additional $300 billion in mandatory cuts and $135 billion in savings created by shifting the inflation calculator that is used to determine federal benefits such as Social Security
$930 billion
in cuts over 10 years
Includes $400 billion from health care, $200 billion in mandatory cuts to nonhealth programs, and $200 billion in cuts to discretionary spending to be split between defense and nondefense programs plus $130 billion in savings from the inflation calculator shift
Obamas counteroffer
There is an ongoing dispute over how and whether to count certain savings and spending; the White House argues that accounting for about $290 billion in lower interest costs from reduced deficits would bring its proposals total savings to $1.22 trillion; Republicans reject that assertion; Republicans argue that President Obamas $930 billion offer is really worth only $850 billion because the president has also proposed $80 billion in new spending on infrastructure and unemployment benefits
Fuzzy math
In trillions of dollars
Projected
Other and excise taxes Corporate taxes Social insurance and retirement Individual taxes
$3.80 trillion
Total federal spending for fiscal 2013
1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
$2.91 trillion
Total tax revenue for fiscal 2013
In trillions of dollars
Projected
$288 billion
This is the amount of revenue gained by letting the Bush-era tax cuts expire for those who make more than $250,000 annually and by adjusting the Alternative Minimum Tax for inflation, thereby decreasing the number of filers affected by the AMT
$40 billion
This is the amount of decreased spending saved by enacting the automatic spending cuts to nondefense outlined in the Budget Control Act
1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
$24 billion
This is the amount of decreased spending saved by enacting the automatic spending cuts to defense outlined in the Budget Control Act
In trillions of dollars
Projected
All other Treasury Defense Social Security Health and Human Services
$549 billion
Even if taxes are raised for the wealthy, the Office of Management and Budgets projection still shows a $549 billion deficit
1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
Social Security
Social Security spending isnt rising much, Brookings said, but could as baby boomers enter retirement age
Defense
With the wars in Iraq and Afghanistan ending and the caps on spending from the Budget Control Act, defense spending looks to flatten or possibly decrease in future years
Defense spending
2.5 2.0 1.5 1.0 0.5
Projected
1970
1980
1990
2000
2010
1976
1981
1986
1991
1996
2001
2006
2011
Medicare
In billions of dollars
Projected
Medicaid
2008 2012 2016
1976
1980
1984
1988
1992
1996
2000
2004
2008
2012
2016
Source: U.S. Department of the Treasury, whitehouse.gov, U.S. Department of Health & Human Services, U.S. Congressional Budget Office, U.S. Bureau of Labor Statistics, U.S. Census Bureau, Social Security Administration, MCT Photo Service Graphic: Kim Geiger, Carolyn Aler, Jonathon Berlin, Chicago Tribune
NOTE: Charts use data from the Office of Management and Budget; U.S. Treasury has released actual budget and spending data for 2012, but does not provide historical trends and the detailed breakdown by department or agency shown here 2012 MCT